Price Action with Indicators! ~The Freebie Newbie BOLOSO System~ | Page 13 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

Freebie 1 min trading method 1,227 replies

Newbie asking a newbie interest rate question: 1 reply

Help adding a filter to the Freebie Indicator 3 replies

evaluate a newbie's system 3 replies

Attachments: Price Action with Indicators! ~The Freebie Newbie BOLOSO System~
Exit Attachments

Price Action with Indicators! ~The Freebie Newbie BOLOSO System~

  • #241
  • Edited 5:49am Jul 4, 2013 5:16am | Edited 5:49am
Quoting Lyall
{quote} I use just the indicator as downloaded from post #1 of this thread. I trade one hour charts only. I don't care what the color of the dots I just place pending orders and which ever ones trigger almost always win.
Thanks ,
1. What is the TP and SL ?
2. Are you placing pending stop order or pending Limit order ?
If you place limit orders dots act as support/ resistance level. If you place stop pending order dots act as breakout.
3. How frequently you place orders ? once in a day .

Regards
  • #242
  • Jul 4, 2013 5:49am Jul 4, 2013 5:49am
Thanks, Lyall.
  • #243
  • Jul 4, 2013 5:15pm Jul 4, 2013 5:15pm
Quoting krendel38
Thanks, Lyall.
TP exactly 10 pips. (Or 100 if you are using a broker with four numbers after the decimal point).
SL 40 pips.
Yes I place pending orders both ways. It saves me figuring out which way is the trend. Each
day I log in, smile at another win or two, place a few pending orders, delete or move the ones
that haven't triggered and log out. Takes all of five minutes per day.
You can try for 20 pips but you will get more losses. Experiment if you like. Maybe try ten pips
plus the spread. I just like the huge winning rate of ten pips.
  • #244
  • Jul 4, 2013 5:52pm Jul 4, 2013 5:52pm
Quoting Lyall
{quote} TP exactly 10 pips. (Or 100 if you are using a broker with four numbers after the decimal point). SL 40 pips. Yes I place pending orders both ways. It saves me figuring out which way is the trend. Each day I log in, smile at another win or two, place a few pending orders, delete or move the ones that haven't triggered and log out. Takes all of five minutes per day. You can try for 20 pips but you will get more losses. Experiment if you like. Maybe try ten pips plus the spread. I just like the huge winning rate of ten pips.
How many instruments do you place pending orders on?
Small disciplines repeated with consistency lead to great achievements.
  • #245
  • Jul 4, 2013 8:02pm Jul 4, 2013 8:02pm
Just did a quick test using a trade simulator for the month of June on eurusd, 17 wins and 1 loss for a total of 130 pips. Not bad for just 2 minutes of trading per day! Lyall, what time of day do you place your orders?
  • #246
  • Jul 4, 2013 9:26pm Jul 4, 2013 9:26pm
Just read Lyall's posts again and realized that you are placing buy and sell orders at the same points. I did my test by placing sell orders at the high point and buy orders at the low point, kind of like a countertrend scalp. Oh well, I'll do more testing to see if my way works as well.
  • #247
  • Jul 5, 2013 2:33am Jul 5, 2013 2:33am
So what pairs are you trading now Lyall? Thanks
  • #248
  • Jul 5, 2013 1:57pm Jul 5, 2013 1:57pm
R:R ratio is not good. Your strategy would have burned you on back to back 40 pip losses based off of a buy and a sell entry on June 27th... 80 pips or 8 trades by your strategy to get back to even...
  • #249
  • Jul 6, 2013 4:25am Jul 6, 2013 4:25am
Quoting prof8t
R:R ratio is not good. Your strategy would have burned you on back to back 40 pip losses based off of a buy and a sell entry on June 27th... 80 pips or 8 trades by your strategy to get back to even...

It can be SL =30 and TP= 15.

You can use these scripts to place pending. Just drag and drop at the price you want.
Regards
Attached File(s)
File Type: mq4 DROP_PENDING_BUY.mq4   2 KB | 539 downloads
Attached File(s)
File Type: mq4 DROP_PENDING_SELL.mq4   2 KB | 525 downloads
  • #250
  • Jul 7, 2013 12:16am Jul 7, 2013 12:16am
Quoting sheppy
So what pairs are you trading now Lyall? Thanks

EURUSD, USDJPY, GBPUSD, EURGBP, AUDUSD and USDCAD
  • #251
  • Jul 7, 2013 12:37am Jul 7, 2013 12:37am
Quoting prof8t
R:R ratio is not good. Your strategy would have burned you on back to back 40 pip losses based off of a buy and a sell entry on June 27th... 80 pips or 8 trades by your strategy to get back to even...

Only had one loss of 40 pips on June 27th.
I don't place buy and sell entries off the same dot.
Low dots get a pending sell and high dots get a pending buy.
  • #252
  • Jul 7, 2013 12:40am Jul 7, 2013 12:40am
Quoting Lyall
Used to try for more pips, don't we all, and made money but sometimes the loss trades would take a weeks worth of winnings. And I would be nervously watching the charts. Now I just place my pending orders and turn it off. In the morning I wake up to a gain in my balance almost every day. Am using 40 pips for stop loss but 30 might be safe I think. Then when you ever strike a loss it's only taking three wins. I promise you you will get maybe dozens of wins before you get a loss. It's almost the holy grail. {image}

Just realized my diagram is completely wrong.
Sorry if I confused everybody.
Place pending buy orders on the high dots and pending sell orders on the sell dots.
Will post another when I make one.
  • #253
  • Jul 7, 2013 5:55am Jul 7, 2013 5:55am
This hopefully explains it correctly.
Place pending buy orders at high dots and pending sell orders on low dots.
Color doesn't matter. Ten pip take profit and forty pip stop loss.
Attached Image (click to enlarge)
Click to Enlarge Name: June 27th.png Size: 45 KB
  • #254
  • Jul 7, 2013 3:28pm Jul 7, 2013 3:28pm
With respect that's a lousy risk/reward.
  • #255
  • Jul 7, 2013 3:46pm Jul 7, 2013 3:46pm
Might be lousy r:r but if it makes money in reality then it's not too shabby :~) time will tell
  • #256
  • Edited 8:20am Jul 9, 2013 8:07am | Edited 8:20am
Hi Lyall!, I used to trade boloso original system, but now I'm trying your modification to it. I took a usdjpy last night that hit my sl, did you or anybody take that entry? I waited the dot plus the zigzag to place my pending order. I'm using the same settings in zig-zag an semaphore that boloso system uses, do you use the same?, maybe I'm using incorrect parameters. Thank you!
I know where the market is going to move next: to the righ! XD
  • #257
  • Jul 9, 2013 8:17am Jul 9, 2013 8:17am
I started to use your system and only profits only few losing trades(my mistakes).Thank you for sharing this system
  • #258
  • Jul 9, 2013 10:23am Jul 9, 2013 10:23am
Quoting fugio
Hi Lyall!, I used to trade boloso original system, but now I'm trying your modification to it. I took a usdjpy last night that hit my sl, did you or anybody take that entry? I waited the dot plus the zigzag to place my pending order. I'm using the same settings in zig-zag an semaphore that boloso system uses, do you use the same?, maybe I'm using incorrect parameters. Thank you!

I did not have my usdjpy orders hit yet. What I think Lyall does is place orders at dots that have a zigzag line before and after the dot. I started demo trading this last night and have 4 wins no losses.
  • #259
  • Jul 9, 2013 7:17pm Jul 9, 2013 7:17pm
Quoting fugio
Hi Lyall!, I used to trade boloso original system, but now I'm trying your modification to it. I took a usdjpy last night that hit my sl, did you or anybody take that entry? I waited the dot plus the zigzag to place my pending order. I'm using the same settings in zig-zag an semaphore that boloso system uses, do you use the same?, maybe I'm using incorrect parameters. Thank you!
What time-frame are you trading?
My USDJPY pending orders on 1H chart didn't trigger any trades yesterday.
My last USDJPY trade was July 5th.
When a new dot and zig-zag form you don't place a pending order on that dot. You place it on the preceding dot.
Study post 230 carefully. When the market moves down to here, (see where the arrow is pointing) place a pending

order here (particularly note where the arrow is pointing - it's the dot before this one).
All wins last night again but have an open EURGBY trade. Hopefully it will go down to my TP when the market gets moving.
Did TP 15 pips and SL 30 so made more money last night. 45 pips instead of 30. The EURGBY trade would be closed by
now if I had left my TP at 10 but hopefully it gives me 15 pips later today.
  • #260
  • Jul 10, 2013 10:06pm Jul 10, 2013 10:06pm
Had 5 wins and 1 loss today for +10pips. Third winning day in a row. I'm still not quite sure why this works, maybe this system takes advantage of momentum pushing through support or resistance? Is that the edge?
0 traders viewing now